Progressive Reports April 2024 Results
Rhea-AI Summary
The Progressive (NYSE:PGR) reported its financial results for April 2024, highlighting several key metrics. Net premiums written amounted to $6,178 million, while net premiums earned were $5,575 million. The company’s net income stood at $420.3 million, translating to $0.72 per share available to common shareholders. However, Progressive experienced a total pretax net realized loss on securities of $266.1 million. The combined ratio for the current year was 89.0, compared to 97.9 for the prior year month. Policies in force showed growth, with personal auto policies increasing by 7%, special lines by 8%, and property business by 11% year-over-year. The company also mentioned an accounting calendar change which may affect year-over-year comparisons through September 2024.
Positive
- Net premiums written increased to $6,178 million.
- Net premiums earned reached $5,575 million.
- Net income stood at $420.3 million.
- Earnings per share available to common shareholders were $0.72.
- Combined ratio for the current year improved to 89.0 from 97.9 in the prior year month.
- Personal auto policies in force rose by 7% year-over-year.
- Special lines policies in force increased by 8% year-over-year.
- Property business policies in force grew by 11% year-over-year.
Negative
- Total pretax net realized losses on securities amounted to $266.1 million.
- Changes in the accounting calendar could affect year-over-year comparisons through September 2024.
- Commercial lines policies in force increased by only 2% year-over-year, indicating slower growth in this segment.
News Market Reaction – PGR
On the day this news was published, PGR declined 2.07%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
MAYFIELD VILLAGE, OHIO, May 15, 2024 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today reported the following results for the month ended April 30, 2024:
| April | |||
| (millions, except per share amounts and ratios; unaudited) | 2024 | ||
| Net premiums written | $ | 6,178.0 | |
| Net premiums earned | $ | 5,575.0 | |
| Net income | $ | 420.3 | |
| Per share available to common shareholders | $ | 0.72 | |
| Total pretax net realized gains (losses) on securities | $ | (266.1 | ) |
| Combined ratio – current year | 89.0 | ||
| – prior year month | 97.9 | ||
| Average diluted equivalent common shares | 587.4 | ||
In October 2023, we converted our monthly accounting closing calendar to align with the Gregorian calendar. We do not expect that this change will have a material impact on our reported quarterly and annual underwriting results but it may impact our year-over-year comparisons on monthly results from October 2023 through September 2024. Therefore, during this time period, we have modified and limited the content of the earnings release, compared to our historical reporting. Click here for further discussion on the closing calendar conversion in the October 2023 release, issued November 17, 2023.
| April 30, | |||||
| (thousands; unaudited) | 2024 | 2023 | % Change | ||
| Policies in Force | |||||
| Personal Lines | |||||
| Agency – auto | 8,720.5 | 8,337.1 | 5 | ||
| Direct – auto | 12,104.9 | 11,191.1 | 8 | ||
| Total personal auto | 20,825.4 | 19,528.2 | 7 | ||
| Total special lines | 6,152.7 | 5,715.9 | 8 | ||
| Total Personal Lines | 26,978.1 | 25,244.1 | 7 | ||
| Total Commercial Lines | 1,107.7 | 1,085.9 | 2 | ||
| Total Property business | 3,260.7 | 2,939.4 | 11 | ||
| Companywide Total | 31,346.5 | 29,269.4 | 7 | ||
See Progressive’s complete monthly earnings release, including the "Monthly Commentary," for additional information.
About Progressive
Progressive Insurance® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us however it's most convenient for them — online at progressive.com, by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, or in-person with a local agent.
Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the second largest personal auto insurer in the country, a leading seller of commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers.
Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.
The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR.
Company Contact:
Douglas S. Constantine
(440) 395-3707
investor_relations@progressive.com
The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143
http://www.progressive.com
Download PDF: Progressive April 2024 Complete Earnings Release
FAQ
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